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Posted on 12/24/2015 4:29:53 PM PST by RC one
When Donald Trump put out his four-page tax plan in September, he said it wouldn't increase deficits. The economic growth it would spur, along with his spending cuts, would compensate for any potential loss in revenue from tax cuts, he said.
Under his tax plan, Trump said he'd have to pay more than he does today.
But an analysis by the Tax Policy Center released Tuesday suggests neither of those assertions are particularly grounded in reality, given what he's proposed so far.
Key provisions in Trump's tax plan
Fewer and lower rates: Trump would reduce the current seven income tax rates to just three: 10%, 20% and 25%. That's well below today's top rates of 28%, 33%, 35% and 39.6%.
Much bigger standard deduction: Trump would also increase the standard deduction to $25,000 for single filers and $50,000 for married couples. That's about four times higher than the current one.
Same investment tax rates: Trump would continue to offer today's preferential income-based tax rates rates of 0, 15%, and 20% on long-term capital gains and qualified dividends.
Tax cuts for all, but a boon for the rich <
A serious deficit buster
The analysis estimates that Trump's tax plan would increase deficits by at least $9.5 trillion over a decade and by another $15 trillion in the second decade.
(Excerpt) Read more at money.cnn.com ...
Of course they are not taking into account some cost cutting measures and an increase in revenues.
Lefties = idiots.
Trump will dramatically increase the GDP which brings in big revenues to balance the budget. It’s not really all that hard to move the US economy upward since this government has handcuffed it.
Absolutely true.
Of course not. The fact remains, Obama doubled the debt in 8 years (or will) and did it without tax cuts (by growing the government) and only managed an average 2% annual growth in GDP.
Exactly.
The lefties think that the pie always remains the same size no matter what.
Trump’s tax plan will expand the size of the economic pie in a dramatic fashion which will be good for the entire country.
Yes....give us a tax break; they always work and the economy takes off, jobs are created, and the people who wrote this article are a strange bunch!
Noting that I will gladly vote for Trump if nominated for president, it remains that Trump is a constitutionally low-information citizen imo. Trumps supporters need to get him up to speed with the following information concerning Congresss limited power to appropriate taxes.
From a related thread . . .
A previous generation of state sovereignty-respecting justices had clarified that Congress is prohibited from laying taxes in the name of state power issues, essentially any issue that Congress cannot justify under its constitutional Article I, Section 8-limited powers. This is evidenced by the excerpt below.
”Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” - Justice John Marshall, Gibbons v. Ogden, 1824.
In fact, based on the Courts statement above, here is a rough approximation of how much taxpayers should be paying Congress annually to perform its Section 8-limited power duties.
Given that the plurality of clauses in Section 8 deal with defense, and given that the Department of Defense budget for 2015 was $500+ billion, I will generously round up the $500+ billion figure to $1 trillion (but probably much less) as the annual price tag of the federal government to the taxpayers.
In other words, the corrupt media, including Obama guard dog Fx News, should not be reporting multi-trillion dollar annual federal budgets without mentioning the Supreme Courts clarification of Congresss limited power to appropriate taxes in budget discussions.
Remember in November!
When patriots elect Trump, or whatever conservative they elect, they need to also elect a new, state sovereignty-respecting Congress that will work within its Section 8-limited powers to support the new president.
Also consider that such a Congress would probably be more willing to fire state sovereignty-ignoring activist justices.
Jeanne Sahadi is a useful idiot leftist and a mooslem supporter.
Obungler, the rats, and the GOPe, are not interested in growing the economy. They are interested in destroying it. A strange bunch indeed.
Sadly, you are correct.
That’s why we MUST elect Trump and clear out the sewer in D.C. !
And it's worse than that when you factor in all the sales, property, energy, phone, etc...taxes.
When one cuts taxes he usually puts more folks to work via more jobs that are created. These rates with tax loopholes closed and other such write offs non existent equal more taxes as do wealthy FOLKS MAKING TWICE or MORE MONEY WITH LESS THEN 1/2 TAX CUT. The current gov bunch who put out econ data are liars.
Deficits only appear to be on liberals’ radar when a republican might win office. Obamas doubled our deficits up to over 18 trillion and no budget for years, and they think it’s awesome. No complaints.
excatly. I did the math a while back and when all state, local, property, sales, fuel, service, random taxes were accounted for, I realized I spent approximately half the year working for one government or another and every year, there’s always someone looking to raise taxes even more. and Obama still added 10 trillion to the debt in 10 years and we still have very little to show for it. This has to end.
As if the folks who caused our economic mess should be listened to toget us out of it. We are sick of their leadership and progressive Marxist philosophy.
and what exactly does America have to show for it?
And now all of a sudden the democrats are concerned about Donald Trump's tax plan because it might raise the debt?
Are we actually supposed to take them seriously?
Liberals beliee everything that government does happens without consequences. Reagan lowered the tax rates and the tax revenues exploded.
“They need to also elect a new, state sovereignty-respecting Congress that will work within its Section 8-limited powers to support the new president. “
I believe it is far, far too late for that. All things federal only play to win for federal interests. Everything else is a sham for them.
Lincoln burned Washington’s prayer bench. DC has never looked back after that. See Lincoln’s cabinet.
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